31 Aug Surrey sees property prices stabilise as domestic buyers return in droves
Barton Wyatt, the award-winning estate agency in Surrey, has seen a 33% increase in the number of domestic buyers over the last year. Back in Q2 2012 the percentage of domestic buyers was wallowing at a mere 40% however this figure has dramatically risen a year later to 60% in Q2 2013 reflecting a marked improvement in domestic buying confidence in the UK market.
James Wyatt, Partner of Barton Wyatt and Chairman of NAEA Surrey, comments:
“These figures all point to the change in attitude of the money lenders in the last quarter. Yet again financial institutions are driving the market and the recent decisions which enables UK buyers to borrow money more easily again has positively turned the market. This has aided sales in the small to medium sized end of the market as most of these properties are purchased with mortgages and in turn we have seen a 33% increase in domestic buyers over the past year in north Surrey.
“On the other side of the coin, prime and super prime (£2 – £5 million plus) house purchases are rarely, if ever, made involving funding; we have hardly seen any difference due to the increased availability to finance at this top end of the market. In fact property prices on the exclusive Wentworth Estate continue to soar seemingly unabated with one particular property selling this April for 26% more than it did a year ago without a single thing being done to it!”
The team at Barton Wyatt are predicting a very strong Q3 2013 with the number of domestic and overseas continuing to rise steadily and the average sale price for properties on Wentworth currently standing at a whopping £6.01 million.
Indeed this growth in the prime market is echoed by figures from the latest Knight Frank Prime Country House Index, which reported that prices rose 0.4% in Q2 2013, the second consecutive quarter of growth. However Knight Frank did also note that prime property values remain down by 1.2% on an annual basis and are 21% below the market peak in Q3 2007.
Despite the recent positive news regards Surrey house prices, the prevalent feeling in the market is still one of uncertainty and transactions remain slow as buyers consider their options
James offers this advice for vendors,
“Our advice in today’s market is to maximise the benefits of your house. Drooping perennials on the approach, an unkempt patio and unpleasant smells within have never been an asset to a vendor but now more than ever sellers need to take a good look at their home with a fresh set of buyer’s eyes.<
“And once you have done everything you can to maximise buyer appeal, you would be well advised to check the speed of your lawyer; we see all too often house sales fall through due to tardy legal personnel. Ask lots of questions before you employ a lawyer and ring them persistently to ensure they are as keen as you are to push the deal through as quickly.”
For more information on the Surrey property market contact Barton Wyatt on 01344 843 000 or visit www.bartonwyatt.co.uk